Bitcoin is showing some bearish momentum with potential to move down to $7128. If price does move to this price point, we may see price even trade lower after a retracement.
SL - 8118.16
TP 1- 7128.57
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As you can see, BTC has gained a lot of selling pressure over the last few days. Perhaps due to bigger participants taking profits after we hit the psychological number of 9,000.
The ADX shows buyers are starting to gain dominance, indicated by the red line crossing the green line. And volatility is starting to pick up.
Furthermore, i have taken a previous move...
We have 3 key areas or zones marked out on the chart, BTC responds to technical very well so if you can find key zones on your charts you will be laughing all the way to the bank ( well your crypto wallet as banks don't work with BTC ) ;p haha.
You can see our support zone ( red box ) has previously been used many times before and most recently price on Friday...
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I expect a possible $3100 BTC before shorts dump entirely, but this will likely happen fast.
In the short term (7-9th december) I'm expecting a minor BTC retest to 3.6k, but next week, or even this weekend, once $3-3.4k BTC is fulfilled, prepare for a bullish BTC.
It is imperative in my opinion for bitcoin to respect this all time trend line, we are approaching it in the near future. I think the price could dip further in the next few weeks, but then a new bull run will begin.
Let me know what you think in the comments.
Like this idea if you agree!
We have a potential for a triple bottom setup here. This is providing we HOLD 6.8k-7k support level and bounce from there. This will give me the following targets:
Short term 7.8k
Medium term target 9k
Long term targets 10k & 12.5k
If we do not hold 6.8k-7k support levels then expect to test 6.5k and maybe even 5.5k over the coming months.
As we have retraced so far how much further do you think this will go who knows i believe the bottom
was going to be $7600 and my ultimate bearish was set for $7200 maximum, if you look at the charts
you can see some one has sold a lot of BTC and bought back in possibly waiting to see if we bounce
from this point but there was a massive spike in volume..
I believe my forecast posted in the 4 hour chart of min $6,399 will hold a closing 2 hour candlestick or 4 hour candlestick above this min. I don't think my other forecast posted with the 4 hour chart of $7,384 will (see posting of 4 hour chart for how I arrived at these calculations). The Fib lines I've inserted appear to be working well which I think gives...
The last three days the 8k level has been bashed into numerous amounts of times. 8.2k seems to also be a small target down in this area but from my honest opinion, the institutions are having games at this lower price; allowing the rest of us to follow suit.
Could this be the end of Bitcoin ruling the top of the table after all of these years?
I'm a Bitcoin. bull between $6,944-$6,724. This approx. is based on distance from the 20 bar MA currently $8,185 on previous drops i.e. $1,241 and $1,461 respectively in a 2 hour period (difference between = $220). As the 20 bar MA falls so will my price targets. Will be watching for other confirmations too. This is just a price target idea.
Looks like based on last years support and resistance arrows if the market now consolidates nicely over $10,600 it hould go higher other wise next stop down will be the 20 MA and then failing that then it will be back below $10,000 and as low as $9,400. Enjoy !